TBEA signed a single primary polysilicon layout of 30 billion yuan in three months, 65438+2002, hoping to become a profit growth point.

Changjiang Business Daily News Changjiang Business Daily reporter Shen Yourong

With the layout of 12, the primary polysilicon explodes, which is expected to become a new profit growth point of TBEA (600089). Shh).

12, 14 in the evening, TBEA revealed that Xinte Energy Co., Ltd., the company's holding subsidiary, signed a long-term sales contract of more than 20 billion yuan (including tax) to sell primary polysilicon, and the counterparties were seven subsidiaries of Longji, a leading domestic photovoltaic enterprise.

Three months ago, in September of 15, Xinte Energy sold 9 1 100 million yuan of primary polysilicon to Donghai Jingao Company, which was also a long-term contract.

In just three months, we signed a sales contract of up to 30 billion yuan. Although the contract execution period is five years, it still has a positive impact on the company's future operating performance. In 20 19, the company realized an operating income of 37.03 billion yuan.

TBEA's traditional main business is transformers and wires and cables, but the company is not satisfied with a single business and constantly expands its industrial fields. In 2008, the company made great strides in the field of new energy, and solar silicon wafers and solar photovoltaic modules appeared in the income composition of its main business.

With the outbreak of polysilicon industry, TBEA will usher in a period of steady growth in operating performance.

Wind data shows that since the listing of 1997, the cumulative profit of TBEA is 22.723 billion yuan.

Lock in 30 billion sales in the next five years

TBEA signed a huge sales contract.

According to the announcement, on June 5438+February 65438+April, seven subsidiaries of TBEA holding subsidiary Xinte Energy and Longji Co., Ltd. (hereinafter referred to as Longji Silicon Materials Company) signed the Purchase Agreement. From June 20265438+10 to February 2025, Longji Silicon Materials Company will submit a purchase agreement to Xinte Energy Company.

According to the disclosure, if the average transaction price of single crystal dense materials announced by Silicon Branch of China Nonferrous Metals Industry Association on February 9, 2020 is 80,500 yuan/ton (including tax), the total contract amount is estimated to be about 217.35 million yuan (including tax), and it is estimated to be about192.35 million yuan without tax. In 20 19, TBEA realized an operating income of about 37.03 billion yuan.

Both parties agree that Longji Silicon Materials Company will purchase orders on a monthly basis, and the order price will be determined through negotiation every month. The total contract amount will be finally determined according to the actual purchase quantity and unit price.

On the evening of September 15 this year, TBEA announced that Xinte Energy and Donghai Jingao Solar, a wholly-owned subsidiary of Jingao Solar, signed the Strategic Cooperation Sale Agreement, and Donghai Jingao Solar and other companies under its group company (collectively referred to as Donghai Jingao Company) purchased 97,200 tons of primary polysilicon from Xinte Energy. The execution period of the contract is from 2020 10 to 2025 12.

According to the latest price calculation published by PVInfoLink, the total amount of the above purchase agreement is estimated to be about 965,438+37 million yuan (including tax), accounting for about 2,476,5438+0% of the company's audited operating income in 2065,438+09.

To sum up, two big contracts were signed within three months, with a total contract amount of 30.872 billion yuan (including tax). In the next five years, it is estimated that the annual implementation amount will be 665,438+74 million yuan.

The above two contracts involve 367,200 tons of polysilicon. Excluding the polysilicon delivered from June 5438+00 to February 12 this year, it is estimated that about 360,000 tons will be delivered in the next five years, with an average annual delivery of about 70,000 tons.

This year1October 3 165438, TBEA said on the interactive platform that if there is no epidemic in the fourth quarter and the production and operation are normal, it is expected that the polysilicon output will exceed 70,000 tons this year.

Accordingly, if the production is not expanded in the future, the above two long orders will lock in all polysilicon sales of TBEA, and the production and sales rate will almost reach 100%.

Of course, TBEA is still actively deployed. In the second quarter of this year, Xinte Energy added 36,000 tons of silicon material production capacity, and the annual production capacity is expected to reach 80,000 tons.

Undoubtedly, the hot sale of polysilicon will bring new profit growth points to TBEA.

Together, the three businesses made a profit of 22.7 billion.

In addition to polysilicon, the transformer and energy services arranged by TBEA also have strong profitability.

The predecessor of TBEA is a special transformer factory. So far, transformers have been the main products of the company. The company also actively extended the industrial chain, laid out the wire and cable business, and formed the main business of power transmission and transformation.

Since about 2000, TBEA has entered the photovoltaic field and established Xinjiang New Energy. But it was not until 2007 that photovoltaic business appeared in the company's main business. In 2008, the company cooperated with Emei Semiconductor to lay out polysilicon business, and invested 300 million yuan to set up TBEA Polycrystalline Silicon Co., Ltd. to invest in the construction of 1.500 tons/year polysilicon project.

After 2008, TBEA continued to increase the layout of new energy business and insisted on "paying equal attention to scenery and scenery". At present, the company's new energy business mainly includes the production and sales of polysilicon and inverters, providing overall energy solutions such as design, construction, commissioning and operation and maintenance for photovoltaic and wind power stations.

TBEA's new energy layout, with polysilicon in the upstream and wind power and photovoltaic engineering in the downstream, forms a complete business system.

Energy business is the third largest business of TBEA, and its energy business is mainly coal mining, thermal power generation and thermoelectric. The company invested in the construction of ten million-ton open-pit coal mines, two 350MW cogeneration projects in Changji, and two 660MW Kengkou power stations in Yi Bei Power Plant in Wucaiwan, Zhundong.

It is worth mentioning that there is a synergistic effect between the company's energy business and new energy business, forming a green industrial chain of "coal-electricity-silicon" circular economy, and reducing the production cost of polysilicon through the utilization of front-end coal resources and power plants.

The annual report shows that in 20 19, the company steadily promoted the extension of the silicon industrial chain, continued to promote the construction of silicon-zirconium based materials, brought into play the advantages of the ecological cluster of the energy and chemical materials industry, and promoted the improvement of the intrinsic quality of polysilicon.

In recent years, the company has made outstanding contributions to the income of new energy and energy industry. In 20 19, TBEA realized an operating income of 37.03 billion yuan, and the total income of transformers, wires and cables and complete sets of power transmission and transformation projects was1971200 million yuan, accounting for 53,438+0% of the company's operating income. The company's new energy and energy business revenue accounts for nearly 50%, contributing half of the country.

TBEA said in the financial report that the company's power transmission and transformation business has formed a relatively complete power transmission and transformation equipment system, which has laid a solid foundation for the company to further develop the international complete system integration business and realize the upgrade and transformation from product provision to system integration solution service. At the same time, the development of international complete system integration business has driven the export of the company's power transmission and transformation products, forming a good synergistic effect.

Overall, the profitability of TBEA has been stable since its listing. Although there are fluctuations, its long-term growth trend has not changed.

1997, in the first year of listing, the company realized an operating income of 2140,000 yuan, and the net profit attributable to shareholders of listed companies was 37 million yuan. By 20 16, after continuous growth, the operating income reached 41.1700 million yuan, an increase of about 187 times compared with 1997. In terms of net profit, after many adjustments, 20 16 was 2190 million yuan, an increase of about 59 times compared with 1997.

In recent years, due to the slowdown of macroeconomic growth and the adjustment of industrial policies, TBEA's operating income and net profit have been adjusted, but the adjustment range is not large. In 20 19, the company achieved an operating income of 37.03 billion yuan and a net profit of 2.01800 million yuan, down 6.62% and 1.44% respectively.

In the first three quarters of this year, the company achieved an operating income of 29.528 billion yuan, a year-on-year increase of 65.438+06.03%, and a net profit of 65.438+55.6 billion yuan, a year-on-year decrease of 6.7 1%.

Generally speaking, TBEA has accumulated a profit of 22.723 billion yuan since its listing 23 years ago, with an average annual profit of nearly 654.38+0 billion yuan.

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